Pending home sales fall for 3rd straight month

Fewer Americans signed contracts to buy U.S. homes in August, the third straight decline. The drop could mean that higher mortgage rates are starting to deter some buyers.

The National Association of Realtors said Thursday that its seasonally adjusted index for pending home sales declined 1.6 percent to 107.7 last month. The index has fallen for three straight months after reaching a 6 1/2-year high in May.

The pending home sales index measures signed contracts. Buyers typically complete sales one to two months later.

The housing market has been in recovery for the last year and a half and final home sales reached a six-year high in August, the Realtors' group said last week. But mortgage rates have risen nearly a full percentage point since May.

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Pending home sales fall for 3rd straight month

Fewer Americans signed contracts to buy U.S. homes in August, the third straight decline. The drop could mean that higher mortgage rates are starting to deter some buyers.

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